Over 1,000 city centre flats are lying empty
Kate Mansey | 03.01.2007 14:16 | Liverpool
Around 10% are still waiting for buyers or tenants, as young professionals shun penthouse suites and studios in the city centre to buy houses in areas like Lark Lane, in Aigburth.
Over 1,000 city centre flats are lying empty
Dec 27 2006
by Kate Mansey, Liverpool Daily Post
The Albany building in Old Hall Street
MORE than 1,000 apartments in Liverpool city centre are lying empty, the Daily Post can reveal.
Around 10% are still waiting for buyers or tenants, as young professionals shun penthouse suites and studios in the city centre to buy houses in areas like Lark Lane, in Aigburth.
Out of 9,279 flats, 1,117 are empty, according to statistics provided by Liverpool city council and many have been vacant for some time. With some apartments boasting price tags in excess of £900,000, the uptake on such properties has been slow, but even more are planned as Liverpool’s expansion grows. While it was thought thousands of young professionals with money to spend would flock into the city as improvements such as the ACC arena got under way, estate agents have spoken of their fears that supply has far outstripped demand. The startling findings have led
some to fear Liverpool could become a wasteland of empty properties owned by London developers who are unable to rent them out or sell them on.
Steven Beilin, managing director of Liverpool estate agents BE Property Services, said: “The real reason that some flats are vacant first and foremost is down to the first rule of business – demand and supply – and there just isn’t the demand.
“Lots of people have jumped on the bandwagon and built these flats and, at first, they were picked up very quickly because they were new.
“But, after the initial flurry, the demand for them has slowed.
“The trouble with apartments is that you’re selling to a very small market, which is young couples who are earning a reasonable living and who want to live in the city centre. But if you have children or you are a young couple thinking about starting a family, you won’t be looking at buying a flat because it’s just not practical.
“There’s nothing for children to do in a city centre and there are no parks or back gardens for them to play in.
“There’re also not a very good investment.
“I’ve seen people buy a flat only for it to depreciate in value by around £40,000 in a matter of months just because they can’t sell the other flats in their building.”
However, as the city’s regeneration grows, some businesses are still keen to develop the market for city centre living, which they are confident can work for developers if you know your market.
Then owner of The Albany Building in Liverpool’s Old Hall Street has recently sold two of their £500,000 apartments.
To add value to their expensive properties and to entice young professionals with money to spend to live in the city centre, the firm Albany Assets also offers the services of an interior designer who works with the homeowner from placing their initial deposit until the contracts are complete.
Chris Nisbet, chairman of Albany Assets, said: “Purchasers of Albany apartments not only buy a unique apartment in a unique building but also an apartment that they can move in to that is furnished, equipped and decorated to their exact requirements.
Luxury apartments are selling but slowly and it is a small market. Luxury apartments start at around £350,000. To afford these and obtain a mortgage, unless someone is able to offer a big deposit, they have to be earning around £100,000 a year.
“Only a small percentage of earners are in this bracket. Those that are will work long hours and their time will be at a premium. The ‘offer’ therefore has to be right for the purchaser and apartments need to be bespoke.”
Dec 27 2006
by Kate Mansey, Liverpool Daily Post
The Albany building in Old Hall Street
MORE than 1,000 apartments in Liverpool city centre are lying empty, the Daily Post can reveal.
Around 10% are still waiting for buyers or tenants, as young professionals shun penthouse suites and studios in the city centre to buy houses in areas like Lark Lane, in Aigburth.
Out of 9,279 flats, 1,117 are empty, according to statistics provided by Liverpool city council and many have been vacant for some time. With some apartments boasting price tags in excess of £900,000, the uptake on such properties has been slow, but even more are planned as Liverpool’s expansion grows. While it was thought thousands of young professionals with money to spend would flock into the city as improvements such as the ACC arena got under way, estate agents have spoken of their fears that supply has far outstripped demand. The startling findings have led
some to fear Liverpool could become a wasteland of empty properties owned by London developers who are unable to rent them out or sell them on.
Steven Beilin, managing director of Liverpool estate agents BE Property Services, said: “The real reason that some flats are vacant first and foremost is down to the first rule of business – demand and supply – and there just isn’t the demand.
“Lots of people have jumped on the bandwagon and built these flats and, at first, they were picked up very quickly because they were new.
“But, after the initial flurry, the demand for them has slowed.
“The trouble with apartments is that you’re selling to a very small market, which is young couples who are earning a reasonable living and who want to live in the city centre. But if you have children or you are a young couple thinking about starting a family, you won’t be looking at buying a flat because it’s just not practical.
“There’s nothing for children to do in a city centre and there are no parks or back gardens for them to play in.
“There’re also not a very good investment.
“I’ve seen people buy a flat only for it to depreciate in value by around £40,000 in a matter of months just because they can’t sell the other flats in their building.”
However, as the city’s regeneration grows, some businesses are still keen to develop the market for city centre living, which they are confident can work for developers if you know your market.
Then owner of The Albany Building in Liverpool’s Old Hall Street has recently sold two of their £500,000 apartments.
To add value to their expensive properties and to entice young professionals with money to spend to live in the city centre, the firm Albany Assets also offers the services of an interior designer who works with the homeowner from placing their initial deposit until the contracts are complete.
Chris Nisbet, chairman of Albany Assets, said: “Purchasers of Albany apartments not only buy a unique apartment in a unique building but also an apartment that they can move in to that is furnished, equipped and decorated to their exact requirements.
Luxury apartments are selling but slowly and it is a small market. Luxury apartments start at around £350,000. To afford these and obtain a mortgage, unless someone is able to offer a big deposit, they have to be earning around £100,000 a year.
“Only a small percentage of earners are in this bracket. Those that are will work long hours and their time will be at a premium. The ‘offer’ therefore has to be right for the purchaser and apartments need to be bespoke.”
Kate Mansey
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